Fun

Argentinian Central Bank to Lift Freeze on Bank Fee Increases: Sets the Ceiling for Future Hikes at 9%

News Feed - 2020-11-08 07:11:59

Argentinian Central Bank to Lift Freeze on Bank Fee Increases: Sets the Ceiling for Future Hikes at 9%


The Central Bank of the Argentine Republic says starting in January 2021, financial institutions will be able to increase the fees or commission they levy for services rendered. In its November 5 update, which effectively ends the February 19 freeze on any fee hikes, the central bank says such increases should not exceed 9% each month.


Furthermore, the country’s regulations require financial institutions to communicate any intention to increase such commissions 60 days in advance.


In the update, the central bank provides a list of the types of financial services where the authorization of the increases will be applicable and these include:


“(The) issuance of additional debit cards, replacement of debit cards due to theft or loss; use of ATMs (outside of the entity’s operating houses, another entity and / or network) and services for the extraction of funds through terminals at points of sale and cash withdrawals from the account by the owner or a third party.”


The update also adds that “financial entities may also order increases in commissions for other financial products and services, such as those related to the safe deposit box service, with the operation with securities and with the bank checking account.”


In February, the central bank announced the freezing of such commission increases part of the crisis-prone country’s response to the effects of Covid-19. However, some citizens of the country are voicing their displeasure at the lifting of the freeze.


On Twitter, users are criticizing the central bank’s approval of the commission hikes while others are seizing on this highlight to alternatives like bitcoin that are available to Argentinian citizens.


Also seizing on this is Athena Bitcoin, a company that now has 14 bitcoin ATMs installed around the country. In a Facebook update, the company reminds its followers that it already has an additional ATM at one supermarket in Palermo.



Athena, which deployed its first bitcoin ATM in 2018, now has similar installations in Buenos Aires, Avellaneda, La Plata, San Fernando, Córdoba, and Mendoza, according to a report.


What do you think of the pending banking commission increases? Share your view in the comments section below. Canada"s Tax Authority Asks Court to Force Crypto Exchange to Hand Over Data on All Users REGULATION | 4 hours ago 39 Firms Have Applied to Offer Crypto Services Under New Regulation, Says Dutch Central Bank REGULATION | 21 hours ago Tags in this story Athena Bitcoin, bank checking account, bank service commission, Bitcoin ATM, cash withdrawals, Central Bank, Central Bank of the Argentine Republic, COVID-19, Financial Institutions


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Savannah Fortis12 hours agoThe EU’s AI regulations sparked a letter signed by 160 tech execsAs the EU works on its upcoming AI bill, executives from 160 companies in the industry drafted an open letter on the implicati
Coming Soon, Time Raiders: The Greatest NFT Treasure Hunt of All Time
Coming Soon, Time Raiders: The Greatest NFT Treasure Hunt of All Time press release PRESS RELEASE. LONDON, February 15, 2022 – Independent video game studio and publisher Uto
German Bank Comdirect Now Offers 11 Cryptocurrency ETPs in Savings Plan
German Bank Comdirect Now Offers 11 Cryptocurrency ETPs in Savings Plan German bank Comdirect, with about three million customers, is now offering 11 cryptocurre
As Leading Cryptos Dip Lower in Value, Elrond, Osmosis, Tron, Cosmos Token Values Climb
As Leading Cryptos Dip Lower in Value, Elrond, Osmosis, Tron, Cosmos Token Values Climb On Sunday, digital currency markets have seen some slight improvements but overall since Sep
Citrea raises $2.7M in seed funding to launch Bitcoin ZK-rollup
Jesse Coghlan5 hours agoCitrea raises $2.7M in seed funding to launch Bitcoin ZK-rollupChainway Labs’ ZK-rollup project Citrea secured initial funding to bring the solution to market, which could allow for NFTs and blo
Facebook’s Libra Crypto Gets Ready to Launch in January as a Single Coin
Facebook"s Libra Crypto Gets Ready to Launch in January as a Single Coin Facebook’s libra cryptocurrency is reportedly preparing to launch with a single cr
Cardano (ADA) Much-Awaited Reversal To Begin With A Breakout From This Key Chart Pattern
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Elisha Owusu Akyaw8 hours agoOnboarding crypto users in Africa vs. the West — Fonbnk founder Christian Duffus explainsChristian Duffus, founder of Fonbnk, believes a lack of basic infrastructure such as telecommunicati
Web3 Crypto Onboarding Platform Transak Integrates With Coinbase Wallet
Web3 Crypto Onboarding Platform Transak Integrates With Coinbase Wallet According to Transak, users of the Coinbase self-custody wallet in South East Asia can now use its Web3 onbo
Europe’s largest banks are moving into crypto thanks to regulations — Bitpanda
Zoltan Vardai13 hours agoEurope’s largest banks are moving into crypto thanks to regulations — BitpandaSome of Europe’s largest banks are developing crypto solutions thanks to the regulatory clarity provided by the
SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme
SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based in
Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glassnode
Nancy Lubale1 hour agoBitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — GlassnodeBitcoin price displayed surprising strength after various market participants absorbed over 48,000 BTC that